World Bank Approves $625 Million to Support Grid Connected Rooftop Solar Program in India.
The World Bank Board approved a $625 million loan to support the Government of India’s program to generate electricity from widespread installation of rooftop solar photo-voltaic (PV). The Board also approved a co-financing loan of $120 million on concessional terms and a $5 million grant from Climate Investment Fund’s (CIF) Clean Technology Fund.
The project will finance the installation of at least 400 MW of Grid Connected Rooftop Solar Photovoltaic (GRPV) across India. These solar PV installations will provide clean, renewable energy, and reduce greenhouse gas emissions by displacing thermal generation. The project will also strengthen the capacity of key institutions, and support the development of the overall solar PV market.
The project will be implemented by the State Bank of India (SBI). SBI will on-lend funds to solar PV developers/aggregators and end-users, who wish to invest in mainly commercial and industrial rooftop PV systems. Financing will be provided to those with sound technical capacity, relevant experience, and creditworthiness as per SBI standards. Read mor click here